Mycotoxins, a global challenge, represent one of the most significant hazards that affect foods and feeds. It produced naturally as secondary metabolites by various species of toxigenic fungi. It can cause chronic or acute toxicity due to their immunosuppressive, carcinogenic and mutagenic properties in animals and human. Every year, mycotoxins cause massive economic losses in the animal feed sector and animal husbandry. Human affected by mycotoxins either indirectly through consumption of contaminated animal products (meat, eggs and milk) by mycotoxins' residue or directly through consumption of contaminated foods (nuts, coffee, corn, barley, wheat, peanuts, peas) and their by-products. This review gives an overview of the most important and prevalent mycotoxins in animal feeds, health and economic mycotoxins impacts on animals. In addition, the main conventional and advanced approaches in mycotoxins analytical detection techniques and decontamination strategies to mitigate and counteract mycotoxin contamination of feedstuffs were also reported. There are different analytical techniques to precisely qualities and quantities mycotoxins. They included Fluorometer, chromatography-based devices and immunological based techniques besides other recent advanced techniques. Various mycotoxins detoxification strategies have been developed included physical, chemical and biological strategies to reduce or eliminate mycotoxins in feed ingredients or complete compound feeds, however they cannot totally decontaminate mycotoxins. Hence, they varied in their limitations or abilities to meet the requirements of practical application according to many factors including their binding efficiency, environmental protection, feeds and foods safety, palatability or cost-effectiveness.